Bitcoin Analyst and network economist Timothy Peterson has stated that the ignition for a new Bitcoin bull market was already present and is still in place to say that the flagship cryptocurrency will hit the $100,000 mark by February.
Bitcoin the largest crypto asset by market capitalization has spent nearly eight months consolidating after hitting an all-time high of $73,800 in March.
Analyst Peterson however argued that the real gains are yet to come and may even see BTC/USD hit six figures for the first time in the next three months.
Peterson shared his analysis and prediction in an X post giving the reason behind his thesis and the time frame it will take for his observations to materialize.
“I added a basic trendline for the 2023–2024 period. Some observations:
- Bitcoin’s current run is not meaningfully different than prior price paths. This puts a big dent in the “diminishing marginal returns” argument.
- A move just above the trend puts #bitcoin at $100k within 90 days. Completely within reason.
3. Following the red line, a conservative scenario puts Bitcoin at $100k around February. I think this happens regardless of the US election outcome.
4. Based on other metrics I keep at http://cane-island.digital, bitcoin is not overpriced. A drop below $60k is becoming less and less likely.” Peterson tweeted.
Timothy Peterson in his Bitcoin analysis shared a graph that further illustrates his points. An accompanying chart by Peterson compared BTC price performance since its last macro low in late 2022 to previous cycles, with Peterson dismissing the idea that Bitcoin investors see lower comparative returns each cycle.
“A move just above trend puts Bitcoin at $100k within 90 days. Completely within reason,” he said.
Peterson stated that his prediction odds are not moved by politics, confirming that they are equally likely regardless of the outcome of the US presidential election next month.
Aside from Peterson’s analysis, A chart published on X on Oct. 23 revealed a possible return by Bitcoin toward the $60,000 mark — something Peterson describes as a boundary that is unlikely to be violated.
“A drop below $60k is becoming less and less likely,” he said, describing Bitcoin as “not overpriced.”
“Look how closely Bitcoin has tracked the 2-cycle average these past few weeks!” Peterson said in a separate X post on the same chart.
Peterson’s Technical Analysis is one of the many ways analysts can predict the price of an asset by studying the intrinsic features of the asset using key indicators like support and resistance, Simple moving averages, and Historical price movements.
Bitcoin is currently exchanging hands for $68,195 a 7.7% drop from its all-time high of $73,737.